Bitcoin Cash ‘hard fork’ What you need to know about it

The proposed BITCOIN CASH split pits two outspoken crypto evangelists against each other

On Thursday, Bitcoin Cash, perhaps, the most famous hard fork of bitcoin and the fourth-largest cryptocurrency, will split in two, creating a second cryptocurrency. he two digital currencies will go by the names Bitcoin ABC (core Bitcoin Cash) and Bitcoin SV (Satoshi’s Vision).

A hard fork (hard-fork) is when developers and miners no longer agree on a proposed change to the software, despite operating on the same blockchain. Once the fork takes place, one group of so-called nodes – computers that are connected to the network and are part of the transaction confirmation process; will upgrade to the new software and the other will operate on the old rules, creating two separate blockchains and digital currencies.

The decision to split came after a disagreement of the proposed upgrade by Bitcoin Cash BCH USD, -1.74% developer Amaury Sechet that added a minor change to transaction ordering. The disagreement escalated and has pitted two of the biggest crypto personalities against each other: Roger Ver and Craig Wright. While both are big proponents of Bitcoin Cash, often referring to the currency affectionately as the “real” bitcoin BTC USD, -0.16% the pending fork has split the two crypto-anarchists.

Ver has put his weight behind the new software upgrade, or the current Bitcoin Cash. But Wright; the Australian computing genius who has on a number of occasions claimed to be Satoshi Nakamoto, the pseudonym given to the creator of bitcoin — argues the software should deviate toward the original bitcoin, hence Satoshi’s Vision (SV), by raising the maximum block size to 128MB from 32MB.

Determining the success of each coin will be at the hands of miners who commit their hash power; the computing power to mine a cryptocurrency. In all likelihood, the miners will commit their power to whichever coin is more profitable to mine. To date, consensus among the industry is that Bitcoin ABC should prevail in the war of the miners. However, Coin Dance, a data monitoring website has said it projects Bitcoin SV to receive up to 60% of the computing power.

Hash war over?

CoinDance now says Bitcoin SV has backing of at least 45% and at most 60% of the current hash rate. ABC is estimated at 21% minimum, and at most 39% maximum of current hash rate.

For crypto exchanges, most of the major crypto exchanges, including Coinbase, Binance and Bitfinex, have stated that they support the hard fork, meaning owners of Bitcoin Cash will receive 1:1 per new cryptocurrency once the network is upgraded. Thus far, only one major exchange has hitched its wagon to either coin.

According to eToro senior market analyst Mati Greenspan, bitcoin is in amidst a parabolic bull cycle and is on track to sustain its strong momentum over the medium to long term.

Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.

With a 98% gain year-to-date, bitcoin has outperformed most assets in 2019
(source: coinmarketcap.com)

Still, despite its large short-term rally, Greenspan noted that the dominant cryptocurrency is only at the start of a bigger cycle that may lead to new highs for the asset.

WHY INDUSTRY EXECUTIVES ARE SO OPTIMISTIC IN BITCOIN

In December 2018, the bitcoin price dropped to its lowest yearly point at $3,150. At the time, even though the industry had demonstrated significant progress in improving the infrastructure supporting the asset class, the sentiment around…

World’s third largest cryptocurrency Ripple (XRP) has appreciated up to 31-percent against the US dollar in just two days.

The XRP-to-dollar exchange rate Tuesday established an intraday high towards $0.405, up 25.05% since the market open on Luxembourg-based Bitstamp exchange. The pair dropped as much as 5.05-percent ahead of the European session to neutralize its overbought sentiments, finding interim support at $0.384-level.

RIPPLE (XRP) SURGES 25% IN A DAY | SOURCE: TRADINGVIEW.COM, BITSTAMP

The sentiment was the same across the rest of the cryptocurrency index, with almost all the leading cryptocurrency posting surplus intraday gains. Bitcoin (BTC), for instance, extended its rally action to establish a new 2019 peak towards $8,836.19. Ethereum, EOS, and Bitcoin Cash too recorded double-digit percentage gains on a 24-hour adjusted timeframe.

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Facebook, the largest social media giant, made news after it announced that it would launch its own cryptocurrency, Facebook Coin. It was also rumoured that Facebook was looking out for VC firms to invest in their cryptocurrency project, with the targeted sum being “as much as $1 billion.”

Now, according to an official announcement, Facebook is going to lift its ban on cryptocurrency and blockchain related ads on its platform.

The facebook statement read :

“Starting 5 June, we will update our Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference [CFDs], complex financial products that are often associated with predatory behaviour. These products, due to their complexity, often mislead people.”

Facebook had implemented the ban on cryptocurrency ads and promotional campaigns related to blockchains and ICOs back in January 2018. It was believed that the ban was to tackle concerns…

Craig Wright, a man who, as WIRED wrote about back in 2016, either created Bitcoin or very badly wants someone to believe he did.

Now rumours are swirling through the Bitcoin world that Wright himself is poised to publicly claim—and possibly offer some sort of proof—that he really is Satoshi Nakamoto, the mysterious inventor of Bitcoin. If he does, he’ll have to convince a highly skeptical cryptography community for whom “proof” is a serious word, and one that requires cryptographic levels of certainty.

The suggestion is that Wright, an Australian cryptographer and security professional, has arranged to perform a demonstration for media in London sometime in the next week that’s intended to convince the world he’s bitcoin’s creator.1 Luckily for any legitimate claimant to the Satoshi throne—and for bitcoiners tired of the long succession of unproven candidates and speculation—there are some clear, almost incontrovertible ways for Satoshi Nakamoto to prove himself. When…